Consumer confidence hits new low for December

Consumer confidence hit an all-time low this month, sliding even lower as retailers reported a weak holiday season, employers announced layoffs and investment markets continued their turmoil.

The Conference Board’s Consumer Confidence Index dropped to 38 in December from a revised 44.7 in November, according to the Associated Press. Economists surveyed by Thomson Reuters expected the index to eke up to 45.

Even though gas prices continued to drop in December, the poor job market appears to have pushed affordable energy to the back of comsumers’ minds.

This month, the number who said jobs are “hard to get” rose to 42 percent from 37.1 percent a month ago. The number who said business conditions are “bad” increased to 46 percent in December from 40.6 percent last month.

The Conference Board’s survey is based on a representative sample of 5,000 U.S. households.